British oil giant BP has ousted Albert Manifold from his position as chairman less than a year after his appointment, citing “serious concerns” over governance standards, oversight, and conduct within the company.

The unexpected announcement rattled investors, sending BP shares down by more than 6 per cent in sharp market trading, according to AFP.

“The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, BP’s senior independent director, said in a statement, the report cited.

The company, however, did not disclose specific details about the alleged conduct.

BP announced that board member Ian Tyler has been appointed interim chairman with immediate effect.

Manifold had assumed the role in October last year, at a time when BP was shifting its strategy back toward its core oil and gas operations while scaling back investments in clean energy projects.

His departure comes as the latest in a series of leadership changes at the company, following the appointment of outsider Meg O’Neill as chief executive in April, tasked with driving a broader recovery strategy.

The management team had already come under pressure at BP’s annual general meeting last month, when shareholders rejected a proposal seeking to scale back climate-related reporting requirements.

Discontent also appeared to extend to Manifold’s leadership.

Although he was elected chairman, he received backing from 82 per cent of shareholders—below the near-unanimous support typically enjoyed by directors.